New estimated investments of more than EUR 1 BILLION in office, retail, residential & hotel schemes, together with a public hospital bring new opportunities on the Bucharest real estate market.
NEPI Rockcastle is expected to begin works at the expansion of Promenada Mall, a mixed project of 60,000 sq. m of retail and office spaces. According to a company public report, the new development has benefited of 33 million EUR investments up to the end of 2017, the total costs reaching 166 million EUR, with a targeted opening date for Q2 2020.
One United Properties, the developer known for its premium-residential projects, has formed a new office division and bought in this area North Gate, where Renault renewed its 20,000 sq. m lease. The market value of the building is 28 million EUR.
THE METROPOLITAN HOSPITAL
A public project, The Metropolitan Hospital to be built on the former public transportation base (RATB), was recently approved by the General Council of Bucharest Municipality. The new medical unit will have 1,500 beds and requires an investment of 300 million EUR.
High profile institutional investors as well as local and international players have made significant acquisitions in the past 2 years in this area: Growthpoint and EBRD have entered the shareholding of Globalworth with a 26.9% and a respective 4% stake in 2017, Israeli billionaire Teddy Sagi has bought Swan Business Park for EUR 30 mln, while One United acquired North Gate, a building with a market estimated value EUR 28 mln. The area has the biggest density of AAA tenants in Bucharest, with examples including Huawei, Oracle, Orange, Raiffeisen Bank, Renault or Vodafone.